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12/12
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when you think about fiscal cliff, the bush tax cuts have collapsed, sequestration cuts spending, and then there's a trillion dollar tax increase that obama has over the next decade to pay for obamacare. interestingly, he decided to delay those taxes until after he was reelected. but they start kicking in in january. very painful and hit the middle class hard. the reason not to raise taxes is to have a spending problem. we spent too much money. raising taxes is not part of spending less. it's not part of a compromise or anything. it is what politicians do instead of. reforming of - instead of reforming government. europeans eventually put in energy taxes and that is what obama is doing. he spent his five trillion dollars in the first term and wants to take us a trillion dollars more in debt over the next decade. there's no way to raise taxes to pay for that. we have to rein in spending. raising taxes is what politicians do when they don't have the courage to reform government. host: you can read this new press release on the internet. canada and middle-class families face high medical
when you think about fiscal cliff, the bush tax cuts have collapsed, sequestration cuts spending, and then there's a trillion dollar tax increase that obama has over the next decade to pay for obamacare. interestingly, he decided to delay those taxes until after he was reelected. but they start kicking in in january. very painful and hit the middle class hard. the reason not to raise taxes is to have a spending problem. we spent too much money. raising taxes is not part of spending less. it's...
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Dec 7, 2012
12/12
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all about taxes and not spending cuts in averting the fiscal cliff. >> the facts are at that point the 39.6% does produce the revenue. the differentiation between 39.6% and the 28% at that the president has for limitation on deduction creates a great deal of money as well. >> one conservative financial commentator suggests the likely outcome of the fiscal cliff talks won't be the end of the world. >> we will have taxes that are the same as the taxes were under bill clinton. we did find that we will do fine. >> the question is whether the negotiations will lead to making other tough choices such as washington getting a handle on the growth of government. if not, the european example seems to suggest fiscal trouble to our shores as well. >> john: thanks. the stock were mixed. dow gained 81. s&p 500 up 4. president obama visits detroit and he will see upset people there. mike tobin has the effect. >> michigan democrats say they can't stop, as the republicans have the numbers so despite the angry protests the legislation that rick schneider calls freedom to work will pass the final vote on
all about taxes and not spending cuts in averting the fiscal cliff. >> the facts are at that point the 39.6% does produce the revenue. the differentiation between 39.6% and the 28% at that the president has for limitation on deduction creates a great deal of money as well. >> one conservative financial commentator suggests the likely outcome of the fiscal cliff talks won't be the end of the world. >> we will have taxes that are the same as the taxes were under bill clinton. we...
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Dec 11, 2012
12/12
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KGO
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if the nation heads over the fiscal cliff. >> consumer spending will go down. that means you've got less customers. businesses get fewer profits. they hire fewer workers. you go on a downward spiral. >> reporter: the president met with house speaker john boehner at the white house. their face-to-face meeting in three weeks. neither side would offer any details from the discussion, which may be a good sign of modest progress. but a spokesman for the republican leader said boehner did not back down. his offer to the white house last week is still the gop's position in the fiscal cliff talks. that plan offers a total of $2.2 trillion in deficit reduction over the next decade, including $800 billion in new tax revenue, but no increases on the top 2% of taxpayers. that's where the stalemate seems to be centered. president obama insists taxes on the wealthy must go up. >> but when they start making a million or 10 million or 20 million, you can afford to pay a little more. >> reporter: several republicans indicated that's a concession they're willing to make. >> will
if the nation heads over the fiscal cliff. >> consumer spending will go down. that means you've got less customers. businesses get fewer profits. they hire fewer workers. you go on a downward spiral. >> reporter: the president met with house speaker john boehner at the white house. their face-to-face meeting in three weeks. neither side would offer any details from the discussion, which may be a good sign of modest progress. but a spokesman for the republican leader said boehner did...
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Dec 12, 2012
12/12
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next hero night, speaker boehner and their presidential trade fiscal cliff proposals and phone calls. the a-team sorting it out next, the a-team sorting it out next, and the ♪ music kids will spend 15 minutes watching online videos brushing for two minutes now, can save your child from severe tooth pain later. two minutes twice a day. they have the time. lou: general electric ceo jeffrey immelt said that -- is good for china, here he is on bloomberg tv. >> but, their government works. you know they get things done, they have 5 year plans, i tell our team, read the 12-5 year plan, the segment we're in what they are doing makes since in the chinese context. lou: remind you, immelt is president of the president's job council. new governmt data suggests that a massive exodus from high tax state of california. california lost 100,000 more residents than it gained last year, more going to more business-friendly. business-friendly, states like texas. and california public employees have highest salaries in the 12 most populous state, earning on average $60,000 a year. >> major victory for
next hero night, speaker boehner and their presidential trade fiscal cliff proposals and phone calls. the a-team sorting it out next, the a-team sorting it out next, and the ♪ music kids will spend 15 minutes watching online videos brushing for two minutes now, can save your child from severe tooth pain later. two minutes twice a day. they have the time. lou: general electric ceo jeffrey immelt said that -- is good for china, here he is on bloomberg tv. >> but, their government works....
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Dec 12, 2012
12/12
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this is a game of chicken, which i think is designed to go over the fiscal cliff, and pin the blame on the republicans, i understand why the president is doing it for political reasons but i don't think that the republicans have to surrender themselves in this game of chicken. lou: it seems the ultimatum, raise taxes on top 2%, why not let him eat to, it is his decision, go for it, if you don't want a mature, and intelligence, and responsible negotiation, you do not know who you are dealing with, it is called a constitutional body of government. >> it is john's right, this is politics, hard and fast, 1995 all over again, stakes are high and and president wants house back, pin the blame on the republicans make them look like right wing lunatics and grab the chips, they are in a no-win position. lou: we'll be back, marianne has to weigh in and a bunch more as we continue with the a team stay with us. ♪ ♪ [ male announcer ] they are a glowing example of what it means to be the best. and at this special time of year, they shine even brighter. come to the winter event and get the merced
this is a game of chicken, which i think is designed to go over the fiscal cliff, and pin the blame on the republicans, i understand why the president is doing it for political reasons but i don't think that the republicans have to surrender themselves in this game of chicken. lou: it seems the ultimatum, raise taxes on top 2%, why not let him eat to, it is his decision, go for it, if you don't want a mature, and intelligence, and responsible negotiation, you do not know who you are dealing...
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lauren: with all the uncertainty surrounding fiscal cliff should you invest differently right now? david: one economist says investors have to look beyond the fiscal crisis. we have senior economist at oppenheimer fund joins us now. more than that, what you say you've got the perfect split. -p60/40, 60 being equities and 40 being dot, dot, dot, something else. how do you devise, some people are gold bugs say it is all gold. cash bugs, say you have to be flexible, keep it in cash. how do you divide the 40% not in equities? >> first of all we took a step back and looked how investors allocated portfolio. there is generally 60/40 split between stocks and bonds but 60% predominantly in domestic ex-quits and 40% in high grade economic instruments. david: none is in the cash. >> cash, government relate the ed securities. if you look at 40%, that might have made sense 30 years ago when yields on treasurys were siinificantly higher and inflation was falling for a 30-year time period. if you look at it yields are paltry. what do you need to do? we talk about allocating exposure to higher yi
lauren: with all the uncertainty surrounding fiscal cliff should you invest differently right now? david: one economist says investors have to look beyond the fiscal crisis. we have senior economist at oppenheimer fund joins us now. more than that, what you say you've got the perfect split. -p60/40, 60 being equities and 40 being dot, dot, dot, something else. how do you devise, some people are gold bugs say it is all gold. cash bugs, say you have to be flexible, keep it in cash. how do you...
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cliff. decisions about taxes and spending are extremely important especially when we are adding $300 billion a day to our debt but the constant bickering of dueling politicians on both sides of the aisle, the endless kicking of the can, the brinkmanship as we approach that disaster is making all americans angry. i think you turned off and tuned out and i don't blame you. who can sit still and watch our country dragged into ruinous-and not be a little frustrated? as i said many times i came here from europe 40 years ago and instantly felt the warm embrace of a truly generous and free society and now i see america galloping down the european road. we have already reached european levels of debt and our leaders give as political pablum. we deserve better than this. the other night i left the fiscal cliff behind and took a walk through new york city. it was great. the lights, the christmas tree, rockefeller center, crowds of people with their children. was such a switch. "varney and company" wil
cliff. decisions about taxes and spending are extremely important especially when we are adding $300 billion a day to our debt but the constant bickering of dueling politicians on both sides of the aisle, the endless kicking of the can, the brinkmanship as we approach that disaster is making all americans angry. i think you turned off and tuned out and i don't blame you. who can sit still and watch our country dragged into ruinous-and not be a little frustrated? as i said many times i came here...
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Dec 7, 2012
12/12
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if he goes off to hawaii and spends three weeks there, and no deal happens and the fiscal cliff hits and we've got the largest tax increase in history and the markets plummet and he's sitting over there splashing in the surf, i don't think he can do it. >> i wonder what other nations think about us? this is, you know, is it a terrible problem we are going through right now, but we look like we can't handle our own business. we can't talk to each other, we can't figure out our own economics, and i can't think what kind of morale authority do we have in the world when we look so pathetic, so pathetic in terms of how we handle things and the fact that we don't? >> the problem with the american people is today they are -- greta, they are as deeply divided and polarized as we have almost ever been. look what boehner is could go right now in making a deal. he's violates his fundamental principles. he's violatings a commitment he made to the american people. he's doing something that he thinks will hurt the american economy, $800 million of tax on job creators, he's splitting his party, he'
if he goes off to hawaii and spends three weeks there, and no deal happens and the fiscal cliff hits and we've got the largest tax increase in history and the markets plummet and he's sitting over there splashing in the surf, i don't think he can do it. >> i wonder what other nations think about us? this is, you know, is it a terrible problem we are going through right now, but we look like we can't handle our own business. we can't talk to each other, we can't figure out our own...
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Dec 11, 2012
12/12
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meeting the fiscal cliff or avoiding it might not be a bad thing, but i want to ask you. we talked about spending cuts. 60 billion dollars budget. will we get that much of a spending cut to go along with the tax increases on the upper end and the tax extensions in the middle? >> the sequestration is its own silo. you and i may see, will they change the mix on spending reductions? i think the dollar amount stays. >> the dollar amount. so $60 billion, more or less. >> more or less. >> it's homeland security, not just defense. >> yeah. that's always been one of the mischaracterizatio mischaracterizations. think of it as all national security. there's other parts that go into medicare providers also. >> can i possibly talk you into leaving the capital gains tax rate alone and the dividends tax rate? they're pro investment, pro capital formation. they help inves tors and retirees and help start new businesses. i know certain tax rates will goup whether i like it or not. can icon vince you to leave capital gains alone? >> it's all on the table. only two people know. that's pres
meeting the fiscal cliff or avoiding it might not be a bad thing, but i want to ask you. we talked about spending cuts. 60 billion dollars budget. will we get that much of a spending cut to go along with the tax increases on the upper end and the tax extensions in the middle? >> the sequestration is its own silo. you and i may see, will they change the mix on spending reductions? i think the dollar amount stays. >> the dollar amount. so $60 billion, more or less. >> more or...
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a large piece of the fiscal cliff is $94 billion in automatic government spending cuts over the next year. part of a trillion dollars in federal cuts over the next decade though even with these cuts the federal government is still projected to spend more each year over the next decade. to put this in perspective, one former cbo director says the costs of hurricane sandy could easily wipe out most of next year's savings. >> with a trillion dollar deficit right now. so if you cut 94 billion and nothing else changes you barely dented the deficit. the other programs are growing. we'll not see spending decline. in fact we'll likely have a emergency spending bill for sandy that is 60 billion. 94 is gone right there. >> even with a trillion dollars in cuts federal spending is on the way up every year starting with 3.5 trillion this fiscal year. nearly 3.6 trillion in 2014. 4 trillion by 2016 and 5 trillion by 2021. the cbo says even allowing 5 trillion in tax increases to hit the economy the next decade the federal government still spends $2.3 trillion more than it takes in. back to you. me
a large piece of the fiscal cliff is $94 billion in automatic government spending cuts over the next year. part of a trillion dollars in federal cuts over the next decade though even with these cuts the federal government is still projected to spend more each year over the next decade. to put this in perspective, one former cbo director says the costs of hurricane sandy could easily wipe out most of next year's savings. >> with a trillion dollar deficit right now. so if you cut 94 billion...
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Dec 6, 2012
12/12
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cliff." across-the-board spending cuts and tax increases as we all know will kick in if a budget agreement isn't reached by the end of the month. the president also met with ceos of some of the nation's largest companies hoping to convince them of the need for higher tax rates at upper income levels. >> we're not insisting on rates just out of spite or out of any kind of partisan bickering but, rather, because we need to raise a certain amount of money. >> house majority leader eric cantor says more needs to be done about spending right now. >>> meanwhile, public policy polling conducted an unusual survey to test american knowledge about debt reduction policy. people were asked what they thought of the panetta burns planning, something that doesn't even exist. one-fourth of the people took a stance on it anyway. 8% are in support by golly. 17% opposed. >> that's right. it's important to do research. >> absolutely. >> do your homework. >>> apple stock is coming off one of its worst sections on
cliff." across-the-board spending cuts and tax increases as we all know will kick in if a budget agreement isn't reached by the end of the month. the president also met with ceos of some of the nation's largest companies hoping to convince them of the need for higher tax rates at upper income levels. >> we're not insisting on rates just out of spite or out of any kind of partisan bickering but, rather, because we need to raise a certain amount of money. >> house majority leader...
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Dec 13, 2012
12/12
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as david pointed out, the fiscal cliff is more than the massive tax increases and the spending cuts. it's also about a number of other things including an extended unemployment benefits and the dock fix and so -- doc fix and so forth. there's a number of things that really need to be addressed, but as i think, this discussion is not about the fiscal cliff per se because if congress and president come together quickly and pass a bill very easy that puts off of the fiscal cliff, either in large period of time or indefinitely. it really is about making a down payment as both rudy and david have said on closing deficits in the future, but i would say it's also really about the president's campaign, not just in the past election, but the first -- his first election to hike taxes on the successful. that's really what this boils down to. i think we absolutely have to see some real leadership, though, on the more longer term budget unsustainable issues. what we don't need is campaigning. what we don't need is negotiating in the political theater. when we see that stop, then, perhaps, we'll k
as david pointed out, the fiscal cliff is more than the massive tax increases and the spending cuts. it's also about a number of other things including an extended unemployment benefits and the dock fix and so -- doc fix and so forth. there's a number of things that really need to be addressed, but as i think, this discussion is not about the fiscal cliff per se because if congress and president come together quickly and pass a bill very easy that puts off of the fiscal cliff, either in large...
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Dec 11, 2012
12/12
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the longer the white house slow walk the process, the closer our economy gets to the fiscal cliff. herhere's what we do know. we know the president wants more stimulus spending and an increase in the debt limit without any cuts for reforms. that is not fixing our problem, frankly, it is making it worse. on top of that, the president wants to raise tax rates on many small-business owners. but even if we did exactly what the president wants, we would see red ink for as far as the eye can see. that is not fixing our problem either, just making it worse. i think the members know i am an optimist. i am hopeful we can reach an agreement. this is a serious issue and there's a lot at stake. the american people sent us here to work together. toward the best possible solution, and that means cutting spending. now if the president doesn't agree with our approach, he has an obligation to put forward a plan that can pass both chambers of the commerce. because right now the american people have to be scratching their heads and wondering when is the president going to get serious. >> to some that
the longer the white house slow walk the process, the closer our economy gets to the fiscal cliff. herhere's what we do know. we know the president wants more stimulus spending and an increase in the debt limit without any cuts for reforms. that is not fixing our problem, frankly, it is making it worse. on top of that, the president wants to raise tax rates on many small-business owners. but even if we did exactly what the president wants, we would see red ink for as far as the eye can see....
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Dec 12, 2012
12/12
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larry, we are going to avoid the fiscal cliff resection. the white house is acting with impunity right now. and the white house is so far said look, we want to continue talking about one quarter of the president's own architecture. the president said there was a three to one ratio between savings and cuts and revenue. but they have been silent on this. >> little bit of breaking news. >> wow, the studio is shaking. mr. bhoener is at $800 million. no new information on then ti e ti tiltment. i'm suggesting. it is a game of chicken. neither party can afford this kind of recession. after what we've been through we can't take it. if that meanstending the tax cuts so be it. let me accept your premise. but i have to pile on more. something that is worse is a debt crisis. if you have a white house that is committed from going from $16 trillion in debt which is where the obama administration would lead us. what do you do with that knowledge? what if you come to the view that the president has created in the state of illinois which is a basket case t
larry, we are going to avoid the fiscal cliff resection. the white house is acting with impunity right now. and the white house is so far said look, we want to continue talking about one quarter of the president's own architecture. the president said there was a three to one ratio between savings and cuts and revenue. but they have been silent on this. >> little bit of breaking news. >> wow, the studio is shaking. mr. bhoener is at $800 million. no new information on then ti e ti...
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Dec 7, 2012
12/12
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cliff -- the real fiscal cliff is national bankruptcy, and its imminent if we don't cut spending and entitlements . obama is a bully, inflection i believe, making demands we can't accept because his demands involve spending increases, no spending reductions, tax increases on two percent of people who won't do anything with revenues. it's totally unacceptable. at least under the fiscal cliff we have some mandatory cut, albeit us proportionately to defense spending. but it's better than accepting obama's terms crammed down our throat. boehner needs to get a told of this pr machine and paint obama as the one who is holding the country hostage. he wants to talk about holding the middle class hostage. no, it's him holding the entire country hostage and our kids hostage to his reckless spending and cynical refusal to enter the entitlement reform game. >> i don't even want to hear more about taxes. juan, shaking your head. >> i hear you, gentlemen. you guys are wonderful. merry christmas. but sean you said hyperpartisanship, and david talks about inflexibility. you know, and i'm thinking to
cliff -- the real fiscal cliff is national bankruptcy, and its imminent if we don't cut spending and entitlements . obama is a bully, inflection i believe, making demands we can't accept because his demands involve spending increases, no spending reductions, tax increases on two percent of people who won't do anything with revenues. it's totally unacceptable. at least under the fiscal cliff we have some mandatory cut, albeit us proportionately to defense spending. but it's better than accepting...
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Dec 6, 2012
12/12
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i have two questions concerning the fiscal cliff. the cash cuts that republicans -- the spending cuts on medicare. why don't we allow them to negotiate medicare and to reduce the cost of medicine? that should save you a lot of money yearly. i agree totally about the republicans and democrats spending money stupidly just before the election. both sides voted to refurbish something like 170 army tanks that the army said they'd do not need. they went and voted to repair those tanks. why are we wasting our money? democrats want to cut taxes. host: armstrong williams? guest: we haven't gotten to affordable care and medicare and medicaid. if affordable care was administered correctly and if he did not have the special interest groups and if tort reform was not included, package you move forward in making health care work for anyone if you do not bring tort reform to the table? the medical malpractice lawsuits are out of control where doctors are paranoid and have to think twice before going through these procedures. it becomes a nightmare
i have two questions concerning the fiscal cliff. the cash cuts that republicans -- the spending cuts on medicare. why don't we allow them to negotiate medicare and to reduce the cost of medicine? that should save you a lot of money yearly. i agree totally about the republicans and democrats spending money stupidly just before the election. both sides voted to refurbish something like 170 army tanks that the army said they'd do not need. they went and voted to repair those tanks. why are we...
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Dec 12, 2012
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the longer the white house slow-walks this process, the closer our economy gets to the fiscal cliff. >> president obama responded, showing republicans where they could find the details. >> it's not a mystery. we've seen this before. this is the document that contains the specific spending cuts. the speaker of the house sent us a proposal that was two pages long that included one sentence on revenue. the proposal here includes, i believe from pages 17 to 45, details on proposed spending cuts by the president, pages 17 to 45. i recommend them to you. >> so, at this point, a deal before christmas looking unlikely. as senate majority leader harry reid admitted yesterday. but in an interview with barbara walters, president obama predicted that republicans would eventually give in on taxes. >> the most important thing we can do is make sure the middle class taxes do not go up on january 1st, and i'm pretty confident that republicans would not hold middle class taxes hostage to try to protect tax cuts for high-income individuals. >> prediction. are you going to be able to raise taxes, yes o
the longer the white house slow-walks this process, the closer our economy gets to the fiscal cliff. >> president obama responded, showing republicans where they could find the details. >> it's not a mystery. we've seen this before. this is the document that contains the specific spending cuts. the speaker of the house sent us a proposal that was two pages long that included one sentence on revenue. the proposal here includes, i believe from pages 17 to 45, details on proposed...
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Dec 6, 2012
12/12
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. >>> the fiscal cliff doesn't drop off for almost three weeks but this morning federal agencies have new marching orders from the white house. >> they do. they've been told to prepare for more than $100 billion in spending cuts. susan mcginnis reports there are few signs ever progress to fix this fiscal cliff so far. >> reporter: social security workers marched outside their office in baltimore wednesday. they're protesting the government spending cuts due to kick in at the end ever the year as part of the fiscal cliff. >> we don't want to see our public hurt in any way. >> reporter: just down the road in washington, d.c., the standoff continues. house speaker john boehner says he is still waiting for president obama to make his next counteroffer to the republican plan he rejected. >> we need a response from the white house. we can't sit here and negotiate with ourselves. >> reporter: the president and boehner spoke on the phone wednesday but republicans want more. >> we want to sit down with the. we want to talk specifics. >> reporter: whether the talks happen on the phone or in per
. >>> the fiscal cliff doesn't drop off for almost three weeks but this morning federal agencies have new marching orders from the white house. >> they do. they've been told to prepare for more than $100 billion in spending cuts. susan mcginnis reports there are few signs ever progress to fix this fiscal cliff so far. >> reporter: social security workers marched outside their office in baltimore wednesday. they're protesting the government spending cuts due to kick in at...
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Dec 13, 2012
12/12
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twice as much tax hike is spending cuts. this inverted, it's the best deal for the republicans, both parties and the president agree, and they can't win anybody if we go ovethe fiscal cliff because that was the deathat they made. tracy: yes, it is crazy. i'm sure you will be talking about it. when you have coming up? >> we have john silva, chief economist at wells fargo to talk about what the new year holds in store for us in the economy. irrespective of the fiscal cliff, we are going to have $270 billion in tax hikes that start effective january 1. thank you, obamacare. nancy pelosi has said that if you want to find out what's in it, just pass it. we are finding out and we are going to have a terrific group of people, including john cruz, the vice president of hsbc, who is the whistleblower on the $1.9 billion in fines if they just had to pay for money laundering along with middle eastern terroris. mexican drug cartels, african dictators, all of the really nice people tht they had no idea where problem. by the way, nobody g
twice as much tax hike is spending cuts. this inverted, it's the best deal for the republicans, both parties and the president agree, and they can't win anybody if we go ovethe fiscal cliff because that was the deathat they made. tracy: yes, it is crazy. i'm sure you will be talking about it. when you have coming up? >> we have john silva, chief economist at wells fargo to talk about what the new year holds in store for us in the economy. irrespective of the fiscal cliff, we are going to...
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Dec 5, 2012
12/12
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KRON
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with about four weeks to go before that fiscal cliff of tax hikes and spending cuts gets triggered, negotiations still appeared at a standstill on tuesday. karin caifa tells us where everything stands. >> in the midst of a standoff with capitol hill republicans, president obama told bloomberg news that the latest plan put forth by house speaker john boehner, simply doesn't add up. the >> speaker's proposal right now is still out of balance. he talks about, for example, eight hundred billion dollars worth of revenues but he says he will do that by lowering rates. when you look at the math, it does does not work. >> not work. as negotiations as negotiations to avoid the so-called "fiscal cliff" continue, republicans were equally dismissive of the last proposal from the president. >> his proposal was so outlandish i don't think we should go back to the table until he puts something there that we can work with. >> the key sticking point between the two sides hasn't changed -- tax rates for the wealthy. >> the math is clear. the only way to accomplish these things is to allow the rates to go up on th
with about four weeks to go before that fiscal cliff of tax hikes and spending cuts gets triggered, negotiations still appeared at a standstill on tuesday. karin caifa tells us where everything stands. >> in the midst of a standoff with capitol hill republicans, president obama told bloomberg news that the latest plan put forth by house speaker john boehner, simply doesn't add up. the >> speaker's proposal right now is still out of balance. he talks about, for example, eight hundred...
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Dec 5, 2012
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by now you likely know that the fiscal cliff is a series of spending cuts and expiring tax credits set to take effect in 27 days. today the president made the case to a group of top business leaders. his plan calls for a higher tax rate on earned income exceeding $250,000 and republicans say that would be a job killer. though are pushing for raise revenue by closing tax loopholes and deductions, something that the president says would not raise enough cash. wendell is live with more on the white house. how much much revenue would the president's plan raise by raising the tax rates for high earners? >> about $1 trillion the next 10 years from the rate increase. that is just part of a package that also includes limits on deductions and tax credits and aims to pull in a total of $1.6 trillion. republicans want to keep tax rates the same b end deductions and loopholes but obama says that will not get the job done. >> it is not possible to raise the amount of revenue required for a balance the package if all you rely on is closing deductions and loopholes. let me amend that. it is possible
by now you likely know that the fiscal cliff is a series of spending cuts and expiring tax credits set to take effect in 27 days. today the president made the case to a group of top business leaders. his plan calls for a higher tax rate on earned income exceeding $250,000 and republicans say that would be a job killer. though are pushing for raise revenue by closing tax loopholes and deductions, something that the president says would not raise enough cash. wendell is live with more on the...
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. >>> the blame game continues with the "fiscal cliff" negotiations. democrats and republicans are at a standstill over how to stop a flurry of year end tax increases and spending cuts. cbs reporter tara mergener explains how capitol hill is preparing for the worst-case scenario. >> washington, d.c., december 13, 2012. >> reporter: cbs news has learned lawmakers are receiving orders today to cut their own budgets 11%. it's congress' first encounter with the consequences of going over the "fiscal cliff." without a compromise, across- the-board spending cuts will kick in and taxes for all americans will go up on january 1. with little progress being reported, frustration is mounting on capitol hill. >> if we don't act, the economy will go over the cliff. not just our budget process. the economy will go over the cliff. >> reporter: the sticking points remain the same. the president wants higher taxes for the wealthiest americans. republicans are insisting on deeper spending cuts. >> republicans want to solve this problem by getting the spending line down.
. >>> the blame game continues with the "fiscal cliff" negotiations. democrats and republicans are at a standstill over how to stop a flurry of year end tax increases and spending cuts. cbs reporter tara mergener explains how capitol hill is preparing for the worst-case scenario. >> washington, d.c., december 13, 2012. >> reporter: cbs news has learned lawmakers are receiving orders today to cut their own budgets 11%. it's congress' first encounter with the...
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. >>> he said that the fiscal cliff must be avoided with both tax increases and spending cuts. >> it will be critical that fiscal policymakers come together soon to achieve longer term fiscal sustain ability without adopting policies that could derail the ongoing recovery. >> bernanke said the fed will keep interest rates very low. he says it could take three more years. bernanke's comment initially set the markets up, but then they dropped without resolution on the fiscal cliff. the nasdaq dropped 8.5. >>> near freezing conditions. i'm show you how cold it will be where you live in the morning. >> then a baby was born right in the middle of this bay area street and nearly died. the choice two officers made that ultimately saved his life. >> ever wonder where is my holiday package? one bay area man turned to his security camera and got the answer. >>> another porch pirate has struck in an east bay neighborhood. reports of stolen packages have recently spiked. >> reporter: tis the season i guess. the department tells me, it's receiving 3 to 5 reports a day. one of those thefts happene
. >>> he said that the fiscal cliff must be avoided with both tax increases and spending cuts. >> it will be critical that fiscal policymakers come together soon to achieve longer term fiscal sustain ability without adopting policies that could derail the ongoing recovery. >> bernanke said the fed will keep interest rates very low. he says it could take three more years. bernanke's comment initially set the markets up, but then they dropped without resolution on the fiscal...
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. >> the speaker, last week republicans made a serious offer to avert the fiscal cliff, and most of it was based on testimony given last year by president clinton's former chief of staff erskine bolles. as he said on sunday, we have to cut spending. well, he is right. washington has a spending problem. let's be honest, we're broke, and the plan that we've offered is consistent with the president's call for a balanced approach. a lot of people know that the president and i met on sunday. it was a nice meeting. cordal. we're still waiting for the white house to identify what spending cuts the president is willing to make as part of the balanced approach that he promised the american people. you know, where are the president's spending cuts? the longer the white house slow walks this process, the closer our economy gets to the fiscal cliff. here's what we do know. we know that the president wants more stimulus spending and an increase in the debt limit without any cuts or reforms. that's not physicianing our problem. frankly, it's making it worse. on top of that, the president wants to ra
. >> the speaker, last week republicans made a serious offer to avert the fiscal cliff, and most of it was based on testimony given last year by president clinton's former chief of staff erskine bolles. as he said on sunday, we have to cut spending. well, he is right. washington has a spending problem. let's be honest, we're broke, and the plan that we've offered is consistent with the president's call for a balanced approach. a lot of people know that the president and i met on sunday....
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Dec 7, 2012
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barely a full day this week. >> the fiscal cliff is the term that is given to a set of spending cuts and tax increases that will take effect in january if congress does not act to stop them. >>> investigators are trying to determine what happened before a football fan fell or jumped from the third deck at the oakland coliseum. he fell to the concourse during last night's broncos, raiders game and taken to the hospital with serious injuries. they called it an accident and it remains under investigation. >> the rails are like three to 4 feet. if you don't pay attention, you can fall. he fell yesterday. >> the raiders did issue a statement. the team had no information beyond what authorities are releasing. their thoughts and prayers are with the family and friends. >>> coming up in a few minutes, roger good dell will say where the raiders shall play in the future and who would pay to build a new stadium. >>> this couple accused of killing this woman are going to court. the couple is accused of killing a retired schoolteacher who was found stabbed to death back in october. the washington
barely a full day this week. >> the fiscal cliff is the term that is given to a set of spending cuts and tax increases that will take effect in january if congress does not act to stop them. >>> investigators are trying to determine what happened before a football fan fell or jumped from the third deck at the oakland coliseum. he fell to the concourse during last night's broncos, raiders game and taken to the hospital with serious injuries. they called it an accident and it...
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i don't want to talk about the fiscal cliff and you don't want to hear about it. for the next 20 days, all pundit are contractually obligated to talk budgetary policy and you the viewer are obligated to listen. check your cable contract. (laughter) it's right below the part where come cast gets your kidneys. they'll be there to pick them up tomorrow between the hours of 9:00 a.m. and 6:00 p.m. wear something loose. (laughter) if the parties here cannot agree to a budget deal by january 1, automatic spending cuts will kick in and plunge america into a second recession things are not looking too good. >> in washington, a fly in the ointment. debt deal negotiations have stalled. >> the fiscal cliff stalemate remains. >> the standoff continues. there isn't a lot of reason for hope. >> democrats and republicans are blaming each other for the stalled negotiations. >> who's going to blink sglirs what's going to blink first. >> the white house is daring republicans literally to blink. (laughter) >> stephen: obama is daring republicans literally to blink. well, the joke's
i don't want to talk about the fiscal cliff and you don't want to hear about it. for the next 20 days, all pundit are contractually obligated to talk budgetary policy and you the viewer are obligated to listen. check your cable contract. (laughter) it's right below the part where come cast gets your kidneys. they'll be there to pick them up tomorrow between the hours of 9:00 a.m. and 6:00 p.m. wear something loose. (laughter) if the parties here cannot agree to a budget deal by january 1,...
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>>> the fiscal cliff, the fiscal cliff, just 23 days away and if we go over it, automatic spending cuts will take effect, automatically, bam. todd schoenberger is back with me from new york. we spent some time taking questions from viewers who want 20 know how the fiscal cliff will affect them. what will make the headlines? >> bottom line is this, that is if nothing is resolved right now, we are looking at a 20% increase across the board for tax revenue for washington. and you hear a lot about these spending cuts but realistically, we won't see a whole lot of spending cuts, because this way this was actually createded, we would only see spending cuts of .25%. >> one coming from edgar, he says i'm not confused about the fiscal cliff, what i'm confused about is what taxes will be raised? >> that's right. well the payroll tax holiday, it was created in 2010, it had a two-year tax extension, it expires on december 31st. this is a 2% payroll tax that all americans were enjoying. if nothing is resolved, your first paycheck in january is going to be 2% lighter. that may not sound like a lot. b
>>> the fiscal cliff, the fiscal cliff, just 23 days away and if we go over it, automatic spending cuts will take effect, automatically, bam. todd schoenberger is back with me from new york. we spent some time taking questions from viewers who want 20 know how the fiscal cliff will affect them. what will make the headlines? >> bottom line is this, that is if nothing is resolved right now, we are looking at a 20% increase across the board for tax revenue for washington. and you...
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. >>> the fiscal cliff fiasco. the obama plan, the boehner plan, will either alter america's rising rate of spending or lessen the size our bloatedgornment? the answer in tonight's chalk talk. >>is the housing market really recovering? $17 trillion is riding on the answer. the president and ceo o citi mortgage joins us next. [beep] [indistinct chatter] [kids talking at once] [speaking foreign language] [heart beaeating] [heartbeat continues] [faint singing] [heartbeat, music playi loude ♪ i'm feeling better since you knome ♪ ♪ i was a lonely soul, but that's the old me... ♪ announcer: thisong was created with heartbeats of children ineed. find out how it can help frontline e health workers bring hope to millions of children at everybeatmatters.org. lou: new rorts show foreign investment is heingthe housg market slowly recover. citimortgage president and ceo sanjiv das joins us here in just moments to discuss thatnd much more when it comesto housing. in the money lineonight, investors waiting cautiously to s
. >>> the fiscal cliff fiasco. the obama plan, the boehner plan, will either alter america's rising rate of spending or lessen the size our bloatedgornment? the answer in tonight's chalk talk. >>is the housing market really recovering? $17 trillion is riding on the answer. the president and ceo o citi mortgage joins us next. [beep] [indistinct chatter] [kids talking at once] [speaking foreign language] [heart beaeating] [heartbeat continues] [faint singing] [heartbeat, music...
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the kinds of spending you're seeingo a great eent on the fiscal cliff and president's pl and lesser extent to the republican plan, largely disctionary spending cs. a lot coming out of defense. these are not longerm ructural chaes t will put on a path to a balaed budt. that will not happen. melissa: the other thing that struckme about the graphic when you look at it, the threat f from republicans hey, we would rath go over the cliff rather than take the president's deal, to me doesn't look terribly credible when you look at actual numbers. unss you take into perspective we're not really going overor years. but it is just going over the cliff is so focus on raising taxes, on absolutely everybody and spending cuts are really nothat imprsive in tes of getting, you know, the gap down smalle they say if you compare it to the white house plan they would rather g over the cliff. i'm not sure that is really credible given those mbers. what do you think?. >> way some rublicans not l, growing number of republicans are looking at this, assigningle to the president, making clea this t president'slan an
the kinds of spending you're seeingo a great eent on the fiscal cliff and president's pl and lesser extent to the republican plan, largely disctionary spending cs. a lot coming out of defense. these are not longerm ructural chaes t will put on a path to a balaed budt. that will not happen. melissa: the other thing that struckme about the graphic when you look at it, the threat f from republicans hey, we would rath go over the cliff rather than take the president's deal, to me doesn't look...
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we are talking about domestic spending and what is on the table in the so-called fiscal cliff talks. charles clark is our guest. the me show you what president obama had to say yesterday in michigan. where he is on the tax rates. [video clip] when you put it all together, if you need a package that kids taxes where they are for middle- class families -- that keeps taxes where they are for middle- class families, make some cuts some things we do not need, and then asked wealthier americans to pay a slightly higher tax rate. that is a principle but i will not compromise on because i will not have a situation where the wealthiest among us, including folks like me get to keep our tax rates, and then we are asking students to pay higher student loans, were suddenly, a school does not have school books because the school district cannot afford it, or some family with a disabled kid is not getting the help they need through medicaid. host: here is how the speaker's office responded yesterday -- host: amy. indiana. you are up first. caller: good morning, mr. clark. 019 look at the spending a
we are talking about domestic spending and what is on the table in the so-called fiscal cliff talks. charles clark is our guest. the me show you what president obama had to say yesterday in michigan. where he is on the tax rates. [video clip] when you put it all together, if you need a package that kids taxes where they are for middle- class families -- that keeps taxes where they are for middle- class families, make some cuts some things we do not need, and then asked wealthier americans to...
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. >>> the fiscal cliff fiasco. the obama plan, the boehner plan, will either alter america's rising rate of spending or lessen the size of our bloated government? the answer in tonight's chalk talk. >>> is the housing market really recovering? $17 trillion is riding on the answer. the president and ceo of citi mortgage joins us next. twins. i dn't see them coming. i have obligations. cute obligation b obligatio. i need to rethink the core of my portfolio. what i really need is eep. introducing the ishares core, budinglos for the heart of your portfolio. find out why 9 out of 10 ilarge professisional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectis, risks, charges and expenses. ad and consider itarefully bere investing. ri includes possible ss of principal. lou: new reports show foreign investment is helping the housing market slowly recover. citimortgage president and ceo sanjiv das joins us here in just moments to discuss that and
. >>> the fiscal cliff fiasco. the obama plan, the boehner plan, will either alter america's rising rate of spending or lessen the size of our bloated government? the answer in tonight's chalk talk. >>> is the housing market really recovering? $17 trillion is riding on the answer. the president and ceo of citi mortgage joins us next. twins. i dn't see them coming. i have obligations. cute obligation b obligatio. i need to rethink the core of my portfolio. what i really need is...
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on the fiscal cliff. but a few republicans now say that maybe the best strategy for them is to accept some higher tax rate that is the president is demanding, get that off the table and then come back to entitlement reform early next year when the president asks for an increase in the debt ceiling. then republicans will have a little more leverage. >> there's a hardening on the republican side. we're not going to raise the debt ceiling. we're not going to let obama borrow any more money or any american congress borrow any more money until we fix this country from becoming greece, and that requires significant entitlement reform. >> reporter: for the record, senator graham is not one of those who favors increasing tax rates on the wealthy. he favors more revenue from them by capping deductions. cheryl and dennis. dennis: thanks very much, peter barnes. and our next guest says many republicans in private are conceding they may have to give president obama much of what he wants. we are joined by potomac rese
on the fiscal cliff. but a few republicans now say that maybe the best strategy for them is to accept some higher tax rate that is the president is demanding, get that off the table and then come back to entitlement reform early next year when the president asks for an increase in the debt ceiling. then republicans will have a little more leverage. >> there's a hardening on the republican side. we're not going to raise the debt ceiling. we're not going to let obama borrow any more money...
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they say congress needs to add tresz the so-called fiscal cliff before scheduled tax sxhieks spending cuts go into effect. one berkeley mother was among those in washington. >> like many families, i don't have any other place to cut right now so we're here to stand up and make sure that our voices are heard. >> the group also delivered signed petitions urging congress to end the bush tax cuts for the wealthy. >>> representatives from huns of charities have descended on capitol hill in an effort to dlsh there has been talk of capping the deduction but nonprofit leaders say they're afraid if the government limits the deduction people would drastically cut back on their donation. >> that means there will be less opportunity for people to be fed. there will be less nights of care provided for those who are homeless. there will be less service for disaster situations. >> some republican pros pose limiting all itemized tax deductions, but president obama wants to increase tax rates for the wealthiest 2% of americans instead. >>> government regulators are taking action against a baby recline
they say congress needs to add tresz the so-called fiscal cliff before scheduled tax sxhieks spending cuts go into effect. one berkeley mother was among those in washington. >> like many families, i don't have any other place to cut right now so we're here to stand up and make sure that our voices are heard. >> the group also delivered signed petitions urging congress to end the bush tax cuts for the wealthy. >>> representatives from huns of charities have descended on...
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. >>> he said that the fiscal cliff must be avoided with both tax increases and spending cuts. >> it will be critical that fiscal policymakers come together soon to achieve longer term fiscal sustain ability without adopting policies that could derail the ongoing recovery. >> bernanke said the fed will keep interest rates very low. he says it could take three more years. bernanke's comment initially set the markets up, but then they dropped without resolution on the fiscal cliff. the nasdaq dropped 8.5. >>> near freezing conditions. i'm show you how cold it will be where you live in the morning. >> then a baby was born right in the middle of this bay area street and nearly died. the choice two officers made >>> another porch pirate has struck in an east bay neighborhood. reports of stolen packages have recently spiked. >> reporter: tis the season i guess. the department tells me, it's receiving 3 to 5 reports a day. one of those thefts happened here on logan drive. that security camera caught the crook who circled twice before making his move. >> watch as he gets out of the white car
. >>> he said that the fiscal cliff must be avoided with both tax increases and spending cuts. >> it will be critical that fiscal policymakers come together soon to achieve longer term fiscal sustain ability without adopting policies that could derail the ongoing recovery. >> bernanke said the fed will keep interest rates very low. he says it could take three more years. bernanke's comment initially set the markets up, but then they dropped without resolution on the fiscal...
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look, you are talking about the fiscal cliff, 25 days away until these tax hikes and federal spending cuts go into effect. you are looking at wall street. it is not making any big moves because of the uncertainty of what is going to happen with this. how long are politicians going to continue dragging their feet. and it is not just wall street. you know, it is beginning to eat into consumer confidence. we just got this index, university of michigan consumer confidence index. just a short time ago, this morning. it showed that consumer confidence plunged and in the first week of its month because americans don't know what to expect taxwise. that's a bad sign for retailers at the most important time of the year. the holidays. because guess what, if consumers aren't feeling confident, they are no going to spend. that domino effect that hit retailers, many of these retailers depend on the holiday sales to push them into a profit important the year. this is what's weighing out there in -- you know, for consumers, yes. fiscal cliff definitely weighing on things. despite the fact that the jo
look, you are talking about the fiscal cliff, 25 days away until these tax hikes and federal spending cuts go into effect. you are looking at wall street. it is not making any big moves because of the uncertainty of what is going to happen with this. how long are politicians going to continue dragging their feet. and it is not just wall street. you know, it is beginning to eat into consumer confidence. we just got this index, university of michigan consumer confidence index. just a short time...
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regardless of what happens in this immediate negotiation to avoid the so-called fiscal cliff and the reason is this. for a longtime, martha, we were able to increase entitlement benefits, keep taxes relatively low, because the economy, over time, grew fast enough to produce enough revenue to mean that we could kind of have it both ways. those day, at least for now, appear to be over. and we are increasingly borrowing to cover our governmental expenses and our entitlement state and all the rest of it. and it's an unsustainable debt burden. how hard it hits us is a matter of some debate or how soon. at this point we will not be able to go on like this. this sort of model if you could call it that is broken and it's going to mean there is a long struggle here to finance the government and get control of the debt, and i don't see it ending any time soon regardless of what happens here. martha: a lot of people talk about leadership and what they see as a lack of leadership on the president's part in this issue. i spoke a little while ago with senator lindsey graham and he said that the pr
regardless of what happens in this immediate negotiation to avoid the so-called fiscal cliff and the reason is this. for a longtime, martha, we were able to increase entitlement benefits, keep taxes relatively low, because the economy, over time, grew fast enough to produce enough revenue to mean that we could kind of have it both ways. those day, at least for now, appear to be over. and we are increasingly borrowing to cover our governmental expenses and our entitlement state and all the rest...
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so look, he can decide, i agree with senator schumer, we're not going to go over the fiscal cliff to use that terminology. something's going to happen before year end. hopefully it's a comprehensive package that solves our nation's problems then later, next year, we deal with tax reforms in a revenue neutral way. what i -- i'll stop. >> chris: hemorrhaginge >> this goes beyond the deal. why should congress give up it's constitutional authority over borrowing? we looked at your record when george w. bush was president. you voted at least three times against increasing the debt limit. why would congress give up that power? >> the bottom line is on debt ceiling, things shifted. i don't agree with bob corker on that issue. it shifted the way it has on taxes. senator mcconnell put on the floor a resolution that said it was his idea, not ours, that let the president raise the debt ceiling. it's money congress has already spent and let congress by two-thirds override it. he thought we democrats would run from that scared as could be. within a half hour we had 51 votes, we called his bluff a
so look, he can decide, i agree with senator schumer, we're not going to go over the fiscal cliff to use that terminology. something's going to happen before year end. hopefully it's a comprehensive package that solves our nation's problems then later, next year, we deal with tax reforms in a revenue neutral way. what i -- i'll stop. >> chris: hemorrhaginge >> this goes beyond the deal. why should congress give up it's constitutional authority over borrowing? we looked at your...